Initial coin offerings (ICOs) success: Conceptualization, theories and systematic analysis of empirical studies

Initial coin offerings (ICOs) have recently experienced an explosive expansion in entrepreneurial finance. This novel, crowd-based funding method has successfully attracted tremendous amounts of funds for both new ventures and established businesses. A growing body of research has explored the factors that shape ICO success, yet few studies have synthesized and integrated the findings of the fragmented literature. This paper incorporates signaling theory and a phase-based view of the ICO process to systematically review 78 empirical studies, published between January 2017 and January 2022, on the conceptualization, theories and determinants of ICO success. The review explores six main determinants of ICO success: the founder, ICO, venture, market, investors, and context. The founder initiates the ICO process by deliberately selecting this method for funding their business and choosing the type and quality of signals that both encourage investors and guide their decision to participate in and support the ICO project in different contexts. Based on this review, we develop a model for ICO success, tracking success determinants in each phase of the ICO process. Finally, we highlight agendas for future studies and implications for policy, theory, and practice development.